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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (553636)3/19/2004 10:44:50 AM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
Arriving on the heels of a disappointing Empire State Federal Reserve Index
report (which slipped to 25.3 in March from 42.1 in the previous month),
the Federal Reserve Bank of Philadelphia said that its March business
conditions index fell to a reading of 24.2 in March, after hitting 31.4 in
February and 38.8 in January. Continued slack in the labor market remains a
concern in the report, as the March employment index dropped to 12.3 versus
12.5 in February. Additionally, the report indicates that inflationary
pressures may be waiting in the wings. Price pressures faced by
Philadelphia-area manufacturing firms continued to race ahead. The prices
paid index rose to 53.4 for March, the highest reading since January 1995,
versus the strong 43.7 in February. The prices received index advanced to
22.6 after booking an 18.9 the month before. According to the Philadelphia
Fed, "On the face of it, the Philadelphia Fed's inflation measures look
worrisome to some and have been consistent with the elevated findings seen
in other regional and national manufacturing surveys. But on a national
level, most data continue to point to still tame inflation. Much of the
broadening breadth of the change in prices paid and received relates to
higher commodity prices; manufacturers have been able to avoid passing
those costs on in large part." Maybe that January Producer Price Index
(PPI) was more telling and heavily weighted by the market for a reason.
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